China has given permission to local and international banks to import large quantities of gold into the country. These are the maximum quotas since 2019.
In 2019, the import of the yellow metal to the Celestial Empire amounted to about $ 3.5 billion per month, or about 75 tons.
Since February 2020, the country has been importing gold monthly on average about $ 600 million, or about 10 tons.
It is expected that in April - May 2021 alone, the country will receive about 150 tons of gold worth $ 8.5 billion at current prices.
The bulk of the gold imported to China usually comes from Australia, South Africa and Switzerland.
Taking into account the recovery in demand for gold in India, which imported 160 tons of the precious metal in March alone, we can expect a noticeable increase in its world price, as China and India account for about 40% of global purchases of the yellow metal.
Submitted April 19, 2021 at 05:21AM by Critical_Thinkin8 https://ift.tt/3glLce3
